Luggage brand uppercase raises $9 Mn led by Accel
Summary
D2C luggage brand Uppercase (Acefour Accessories) has raised $9 million in a Series B round led by venture capital firm Accel.As per uppercase, it has raised the new round at a post money valuation of $60 million. In 2022, the company had raised $7 million in apPre-Series A funding round led by Sixth Sense Ventures, with participation from Volrado Venture Partners.The funding will support business expansion, aiming to increase its customer base across India, uppercase said in a press release.Founded by Sudip Ghose, uppercase sells travel gear online and through 1,800 multi-brand stores across India. The Mumbai-based company aims to achieve its Rs 500 crore goal by adding 250 exclusive retail stores over the next three years.Earlier this year, luggage brand Mokobara raised $12 million in a Series B funding round led by Peak XV Partners. Besides Mokobara, uppercase also competes with Assembly, Nasher Miles and EUME. While Nasher miles raised $4 million in July, EUME bagged $1.7 million in June.As per startup data intelligence platform TheKredible, uppercase reported an operating revenue of Rs 10.65 crore in FY23 with Rs 21 crore loss.